Share Market Today: Trade Setup for Nifty 50 to India-Pakistan Wonderfire; Five shares to buy or sell on Monday | Einsmark news

The stock market today: In the midst of increasing concern led by India and Pakistan, during the week ended May 9, 2024, the benchmark Nifty-50 index ended about 1.4% lower. Bank Nifty finished 2.6% lower at 53,595.25, while Realty, Pharma, also the most important loser, although cars and industries were among the most important achievers. In the broader markets, the middle and small Caps also corrected about 0.9%- 2.17%. Trade setup for Monday, as long as the Nifty remains below the 24,150 level, the poor sentiment is likely to continue and Nifty can retest the 23,800, followed by 23,600. At the top, a move above 24,150 may indicate a retreat rally to 24,350–24.450, according to Amol Athawale, VP technical research, Kotak Securities. For Bank Nifty, the 20-day SMA or 54,000 will act as a trend decision for short-term traders, Athawale added. Global markets and Q4 results geopolitical developments, especially the continued tension with Pakistan, will still remain in focus. On the macro -economic front, investors will carefully monitor the release of key data points, including the consumer price index (CPI), wholesale price index (WPI) and export and import trade figures, AJIT Mishra – SVP, Research, Relearch Broking Ltd., also the corporate earnings, Bharti with various important businesses. Airtel, Cipla, Gail, Hero Motocorp, Tata Motors, Lupine, Godrej Industries and Bhel – announced their quarterly results. Shares to buy Sumeet Bagadia, executive director at Choice Broking today, recommended two shares for today. Ganesh Dongre, senior manager of technical research at Anand Rathi, proposed three shares. These include Redington Ltd, Lt Foods Ltd, JSW Steel, Chambal Fertilizers & Chemicals Ltd and Sun Pharmaceutical Industries Ltd. Sumeet Bagadia’s stock choices 1]Redington: Bagadia recommends that you hold a red price of £ 285 to buy a red. A strong bullish trend. The stock recently formed a bullish swollen pattern on the daily map and is a critical resistance level at £ 265. A break above this resistance is likely to confirm the continuation of the upward momentum. This bullish setup is supported by a surge in trading volumes, which indicates a strong buy of interest in the market participants. 2]LT Foods: Bagadia recommends that you buy LT foods at around £ 359.55 at £ 346 for a target price of £ 385 LT Foods is currently on £ 359.55. The stock is about to break out on the daily timeframe from a declining trend line, which represents the potential formation of a bullish reversal pattern. These prospects are supported by rising trading volumes, which indicate a strong buying interest. In the short term, the stock seems to be well positioned to move to the £ 385 level. Ganesh Dongre’s shares to buy today 3]JSW Steel-Dongre recommends that you buy JSW steal at around £ 957, and hold a bump at £ 945 for a target price of £ 972. In the latest technical analysis in the short term, JSWsteel showed a strong and consistent bullish trend, which is indicative of the potential for an extended movement. The share is currently trading at £ 957 and holds above an important support level at £ 945. This support zone serves as a critical point for risk management. Given the bullish momentum, traders are advised to consider a buying opportunity with a stop loss that is strategically placed on £ 945 to manage disadvantage risk. The target for this trade was set at £ 972, which represents a favorable risk-to-reward ratio and a continuation of the prevailing upward trend. 4]Chambal Fertilizers & Chemicals Ltd-Dongre recommends that you buy Chambal fertilizers at around £ 695, with a £ 675 for a target price of £ 720 Chambal fertilizers, offered a significant bullishomering pattern, providing a different promising opportunity for short-term traders. The share is currently a price of £ 695 and maintains a strong support for £ 675. The technical setup indicates the potential for a price hearing to the £ 720 level. With the share reversed from a support base and shows signs of renewed power, the current market price with a stop loss at £ 675 offers a wise approach to capture the expected upside. 5]Sun Pharmaceutical Industries Ltd – Dongre recommends that you buy Sun Pharma at £ 1745 to hold a halt at £ 1720 for a target price of £ 1790. Sunpharma, the stock is currently trading at £ 1745 and appears to be in an oversold zone in the short term. A bullish reversal pattern has emerged on the daily map, indicating a possible recovery of the recovery. The critical support level lies at £ 1720, which also serves as an important stop loss for this trade. With running clues indicating a possible circumference of the £ 1790 target, this setup provides a favorable access opportunity for traders who want to make use of a technical setback. Disclaimer: The views and recommendations above are those of individual analysts or brokerage companies, and not of currency. We advise investors to check with certified experts before making investment decisions.